Brazil to have lower GDP growth than expected in 2017Staff Writer | June 29, 2017
Brazil will have a lower gross domestic product (GDP) growth rate in 2017 than originally projected, the country's Finance Minister Henrique Meirelles said.
LatAm The administration was engulfed in corruption scandals
"It will be slightly lower than 0.5 percent, but it will still be positive," Meirelles said about the figure.
The lower projection occurs amid deep political instability in the Brazilian government. Over the past month, the administration of President Michel Temer was engulfed in corruption scandals.
Earlier this week, Temer was formally denounced for corruption and paying bribes to a witness during the so-called "Car Wash" corruption investigation launched in 2014. However, he denied the accusation and insisted he was innocent.
Temer is the first Brazilian president in history to suffer criminal charges while in office. Besides, he is also facing problems inside the coalition while the opposition has been calling for his impeachment. ■